Avoid Late Credit Card Payments

When making payments on your credit card, always pay a few days in advance to ensure your payment is received on time. Whether you pay by phone, internet, or traditional snail mail, make sure you send payment at least a week before the due date.

Many people make last minute payments on their credit cards, usually due to procrastination or forgetfulness. But even if you pay the day before the due date, your payment may not post in time, and you could be charged a late fee.

With most banks it takes time to process your payment and it can vary company to company, and also by payment type. Usually banks do offer a payment option by phone that posts instantly, but it also carries an associated fee. That’s why it’s best to always leave a cushion between when you make your credit card payment and the when it’s actually due.

If you’re late by a day or two, don’t panic. While you’ll likely be assessed a late fee, you won’t be considered 30 days late until a full 30 days have passed since the due date. That means your credit report is safe so long as you pay within a 30-day window. But don’t take chances, and don’t throw money away by waiting until the last minute!

Related Topics:

1. How to Avoid Late Credit Card Payments
2. Five Credit Card Fees You Can Avoid
3. Credit Card Late Fees by Issuer
4. How Are Credit Card Minimum Payments Calculated?
5. Don’t Overextend Yourself with Large Credit Card Payments